FHEQ vs. HEQQ

Last updated Jun 6, 2026

FHEQ (Fidelity Hedged Equity ETF) and HEQQ (JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF) are both exchange-traded funds - FHEQ is a Equity Hedged fund actively managed by Fidelity, while HEQQ is a Nasdaq-100 fund managed by JPMorgan. Over the past year, FHEQ returned 18.74% vs 15.35% for HEQQ. Their correlation of 0.84 suggests significant overlap in exposure. FHEQ charges 0.48%/yr vs 0.50%/yr for HEQQ.

Performance

FHEQ vs. HEQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Hedged Equity ETF (FHEQ) and JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHEQ achieves a 6.49% return, which is significantly higher than HEQQ's 3.04% return.

FHEQ

• 1D: -2.29%
• 1M: 0.44%
• YTD: 6.49%
• 6M: 5.84%
• 1Y: 18.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEQQ

• 1D: -1.26%
• 1M: -1.68%
• YTD: 3.04%
• 6M: 2.40%
• 1Y: 15.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FHEQ vs. HEQQ - Yearly Performance Comparison

	2026 (YTD)	2025
FHEQ Fidelity Hedged Equity ETF	6.49%	16.57%
HEQQ JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF	3.04%	17.20%

Correlation

The correlation between FHEQ and HEQQ is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (All Time) Calculated using the full available price history since Mar 28, 2025	0.84

The correlation between FHEQ and HEQQ has been stable across timeframes, ranging from 0.83 to 0.84 - a consistent structural relationship.

Return for Risk

FHEQ vs. HEQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FHEQ

FHEQ Risk / Return Rank: 58
FHEQ Sharpe Ratio Rank: 61
FHEQ Sortino Ratio Rank: 61
FHEQ Omega Ratio Rank: 60
FHEQ Calmar Ratio Rank: 52
FHEQ Martin Ratio Rank: 58

HEQQ

HEQQ Risk / Return Rank: 55
HEQQ Sharpe Ratio Rank: 60
HEQQ Sortino Ratio Rank: 60
HEQQ Omega Ratio Rank: 64
HEQQ Calmar Ratio Rank: 44
HEQQ Martin Ratio Rank: 51

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FHEQ vs. HEQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Hedged Equity ETF (FHEQ) and JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FHEQ	HEQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.87	+0.08
Sortino ratio: Return per unit of downside risk	2.70	2.62	+0.09
Omega ratio: Gain probability vs. loss probability	1.35	1.36	-0.01
Calmar ratio: Return relative to maximum drawdown	2.42	2.02	+0.40
Martin ratio: Return relative to average drawdown	9.77	7.94	+1.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHEQ vs. HEQQ - Sharpe Ratio Comparison

The current FHEQ Sharpe Ratio is 1.95, which is comparable to the HEQQ Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of FHEQ and HEQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FHEQ	HEQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	1.87	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	1.58	-0.20

Drawdowns

FHEQ vs. HEQQ - Drawdown Comparison

The maximum FHEQ drawdown since its inception was -11.12%, which is greater than HEQQ's maximum drawdown of -7.64%. Use the drawdown chart below to compare losses from any high point for FHEQ and HEQQ.

Drawdown Indicators

	FHEQ	HEQQ	Difference
Max Drawdown Largest peak-to-trough decline	-11.12%	-7.64%	-3.48%
Max Drawdown (1Y) Largest decline over 1 year	-7.77%	-7.64%	-0.13%
Current Drawdown Current decline from peak	-2.61%	-2.09%	-0.52%
Average Drawdown Average peak-to-trough decline	-1.82%	-1.12%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.94%	-0.02%

Volatility

FHEQ vs. HEQQ - Volatility Comparison

Fidelity Hedged Equity ETF (FHEQ) has a higher volatility of 3.26% compared to JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ) at 1.66%. This indicates that FHEQ's price experiences larger fluctuations and is considered to be riskier than HEQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHEQ	HEQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.26%	1.66%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	7.03%	6.76%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	9.65%	8.25%	+1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.48%	10.93%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.48%	10.93%	-0.45%

FHEQ vs. HEQQ - Expense Ratio Comparison

FHEQ has a 0.48% expense ratio, which is lower than HEQQ's 0.50% expense ratio.

Dividends

FHEQ vs. HEQQ - Dividend Comparison

FHEQ's dividend yield for the trailing twelve months is around 0.60%, more than HEQQ's 0.19% yield.

Position	TTM	2025	2024
FHEQ Fidelity Hedged Equity ETF	0.60%	0.63%	0.50%
HEQQ JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF	0.19%	0.19%	0.00%

Frequently Asked Questions

Can I hold both FHEQ and HEQQ in my portfolio?

FHEQ and HEQQ have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHEQ or HEQQ?

FHEQ has higher volatility (3.26%) compared to HEQQ (1.66%). In terms of maximum drawdown, FHEQ dropped -11.12% vs HEQQ's -7.64%.

Which ETF is better, FHEQ or HEQQ?

On 1-year performance, FHEQ leads with 18.74% vs 15.35% for HEQQ. On fees, FHEQ is cheaper at 0.48% per year. On volatility, HEQQ has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FHEQ or HEQQ?

Over the 1-year period, FHEQ has performed better with a 18.74% return vs 15.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FHEQ or HEQQ?

FHEQ is cheaper with a 0.48% expense ratio, compared with 0.50% for HEQQ.

Which ETF pays a higher dividend yield, FHEQ or HEQQ?

FHEQ has the higher dividend yield at 0.60%, compared with 0.19% for HEQQ.

What is the main difference between FHEQ and HEQQ?

FHEQ is categorized as Equity Hedged, while HEQQ is Nasdaq-100. They also come from different issuers: Fidelity and JPMorgan. Their fees differ too: 0.48% for FHEQ and 0.50% for HEQQ.

Which has better risk-adjusted returns?

FHEQ currently has the higher Sharpe Ratio (1.95 vs 1.87), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.